Areas boosts investment as profits rise

John Gallagher

Print Article E-Mail Article E-Mail Author

The Spanish travel caterer and retailer is keen to look at opportunities when AENA tenders its retail concessions

Barcelona-based restaurant and duty-free shop operator Areas has announced profits of €26.3m ($34m) for the financial year ended September 30 2004. Group turnover was up by 9% to €555.4 m ($721m) while EBITDA rose by 8.7% to €81m ($105m).

The group is to invest €52m ($68m) in organic growth projects this year, up by 53% on last year's expenditure. The amount will include €18m ($23m) for 28 new restaurants to be opened at the new Madrid Barajas terminal, to be opened early in 2006.

Areas holds a 23.75% stake in Swiss travel retailer Dufry Group and owns Mexican duty-free shop operator Operadora de Aeroboutiques de Mexico.

At the annual results presentation, Areas chairman Emilio Cuatrecasas stated yesterday that the shareholding in Dufry was "solely financial, given that we are not involved in the day-to-day management". However, he added that the company did aim to increase its share.

Cuatrecasas also said that Autogrill's control of Aldeasa would not change Areas' expansion strategy. Both Cuatrecasas and group CEO Jose Gabriel Martin mentioned that they had taken note of the fact that AENA would call new tenders for the travel-retail contracts due to expire next year, and that this would give Areas an opportunity to enter that segment in the Spanish airport market.